Fraud accusations

Why Singaporean trading giant Olam is under fire in Nigeria

By Estelle Maussion

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Posted on September 12, 2023 13:39

FILE PHOTO: An Olam logo is pictured in their office in Singapore August 14, 2017. REUTERS/Edgar Su/File Photo

The Asian trader, very active in Africa, has been hit by accusations of fraud involving foreign exchange transactions in Nigeria, one of its key markets. Olam denies all the allegations.

The Olam group, a global agricultural commodities trading giant with a strong presence in Africa, is being investigated by Nigeria’s domestic intelligence service for suspected fraud involving foreign exchange transactions of up to $50bn, according to Nigerian press.

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